In a case that has ties to one of the industry’s largest mortgage scams, Sperry Associates Federal Credit Union received a ruling in its favor over losses the financial institution said it suffered behind the scheme.
Michael McGrath, the former CEO of CU National Mortgage, was sentenced to 14 years in prison today for his part in a scheme which saw some credit union mortgages fraudulently sold on the secondary market.
The ongoing battle in federal court over the fallout from the CU National mortgage scandal continues.
Another former official of U.S. Mortgage Corp., the parent firm of CU National Mortgage,
Some of the more than 20 credit unions that suffered losses when a vendor executive fraudulently sold mortgages written to Fannie Mae have made progress in getting at least some of their money and mortgages back.
Some of the credit unions that lost money when US Mortgage CEO Michael McGrath fraudulently sold some of their loans to Fannie Mae have made progress in coming to a settlement with the mortgage giant and CUNA Mutual Insurance.
The affinity that Ann South has for those small, scrappy credit unions that